Not much to report from the financial markets. And things seem to have settled down in our hometown of Baltimore, after they called out the National Guard. So, we’ll return to our exploration of the Fed’s fabulous fantasyland…

Why should stock market investors care about Napoleon’s invasion of Russia? Or the fate of General Custer at the Battle of Little Bighorn? Or the sinking of the Titanic? Because as Bill explains below, every disaster carries with it an important warning.

Yesterday, a strike by Paris taxi drivers forced us to improvise. No taxi would take us… and the trains were said to be stopped… so we turned to the Internet. We tried a company with roughly $213 million in sales last year… and a valuation over $18 billion. That’s about 85 times sales. Compared to earnings, Uber’s stock is infinitely rich. Then again, Uber says sales are doubling every six months. And there’s still a lot of business to take from conventional cabs. According to industry experts, Uber took much of it yesterday. The taxi strike in Europe forced travelers, like your editor, to sign up for Uber.

London was lively. Restaurants, bars, museums… everything was hopping. In Hyde Park, a pair of sweaty Frenchmen completed a game of tennis. Women dressed head-to-toe in black, with only a slit for the eyes, sat on the grass, enjoying the sun. An extended family had put out a blanket and a hookah pipe; picnicking in the park. A pair of tall Russians walked by. It is easy to get around in London. You just go to the street corner and raise your arm. Generally, a taxi will stop soon. Paris is another matter. If you want a cab, you have to find a taxi stand.

Twenty years ago, my family and I moved from a row house in the Baltimore ghetto to a 12-bedroom chateau in the heart of France. My siblings and I were as surprised as anyone. (This surprise factor is extremely important, as I’ll explain in a moment.) But it was all or nothing for my father – no middle ground… Between the Baltimore ghetto and a French chateau there are about 4,500 miles, an ocean, a border and a language barrier. But none of those really matter. You can cross those barriers in a matter of hours. The real barrier is a hidden one.